Advice from a Naperville Business Law Attorney for Those Buying a Business
Buying a business may be one of the biggest decisions you will ever make. If you are considering buying a business, you may have many questions and uncertainties to contend with. You may even question at times if you are making the right decision at all.
Speaking with a knowledgeable business law attorney can be a tremendous help in this circumstance. A qualified business law professional can address your questions and help you find the best course of action for long-term success. As you ponder your options for buying a business, there are several things you should keep in mind.
Should I Purchase a Franchise or Standalone Company?
One of the first decisions you will make when buying a business is whether you are purchasing an independent private business or an existing franchise location of a larger company. The answer to this question will largely depend on what your professional and personal goals are in buying a business as well as your personal and professional strengths and weaknesses.
There are pros and cons to both types of businesses. Buying a franchise can have several benefits including brand recognition, guidance and direction from the parent company, and more exhaustive training. However, you will also have to pay franchise fees and relinquish a certain amount of control over some businesses decisions. A standalone business may give you more freedom, but also often comes without a proven business model or customized training.
Review Business Records Thoroughly Before Investing in a Business
Before buying a business, it is critical that you thoroughly investigate the company’s history and finances. If you wish to buy a franchise, gather information about the parent company, the franchise location you are considering, and other franchise locations in your area. If you plan to buy a private business, make sure to review profit and loss statements, tax returns, inventory records, contracts, accounts payable, accounts receivable, lease agreements, sales records, and financial projections. Buying a business without a full understanding of what you are getting yourself into can be disastrous. This is why it is so important to work with a business law professional with experience helping clients successfully buy and maintain a fruitful business.
Contact a Naperville Business Law Attorney
Before buying a business, it is a good idea to look over your plans with an experienced DuPage County business law attorney. the Gierach Law Firm has the knowledge and skills necessary to help you get started in buying a business as well as provide ongoing legal support. Contact our team of dedicated professionals to schedule a confidential consultation. Call us at 630-756-1160 today.
U.S Small Business Administration